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Find out everything that happened with the new derivatives

Important facts:
  • Despite the doubts and the hack of the SEC's X account, US ETFs are a reality.

  • Entry into the ETF market is one of the launches with the highest trading volume.

The most important event of this second week of 2024 is undoubtedly the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission.

A total of 11 Bitcoin spot ETF issuers entered the market. This is grayscale; Bitwise; hashdex; BlackRock; Valkyrie; ARK and 21Shares; Invesco and Galaxy; Van Eck; wisdom tree; Loyalty; and Franklin Templeton.

The approval granted by the US Securities and Exchange Commission (SEC) was the most anticipated decision in recent months. This will consolidate the digital currency as one of the most attractive assets for investors Worldwide.

This is evidenced by the over 4,326 million US dollars that were moved in the buying and selling trade on the first day of trading. A number that represents the launch of US ETFs as one of the highlights of history. This is due to its volume and the interest it generates in the market, which goes far beyond what was the case with the launch of Bitcoin spot ETFs which already exist in Canada and Europe.

In the first few minutes of trading, there was a huge trading volume in Bitcoin ETFs. Source:

Everything happened despite the uncertainty surrounding investor interest, as some analysts believe there is still time to fully assess the impact and even A larger investment volume is expected.

The issuing companies have started a kind of interest rate war and at the same time launched public campaigns to attract investors.

Bitcoin price is neither rising nor falling as expected

The most noticeable effects have to do with the price of Bitcoinwhich has remained more or less stable despite the flood of news.

The BTC price has not shown the behavior predicted by many so far. The value does not continuously increase as money enters the ecosystem, nor does it experience a massive decline Dealer have chosen the strategy of “buying the rumor and selling the news”.

After rising near $49,000, Bitcoin price returned to its previous levels between $43,000 and $46,000.

As CriptoNoticias reports, technical analysis indicators suggest that it is a “healthy” area could continue to lateralize for some time. The, until new fundamental factors push for a clearer trend.

In this context, it is considered that one of the factors that could slow down the price is The Selling equipment What Bitcoin miners would do. All as part of infrastructure improvements ahead of the next halving, expected in April, which will reduce commissions by half.

Since July, Bitcoin sales by digital currency miners began. Source: CryptoQuant.

Another interesting aspect that stands out following the approval of the new financial products is related to the announcements made by several issuing companies. They assure you of that They will donate a portion of their profits to fund scholarships for Bitcoin network developers. Bitwise offers 10% and VanEck 5% of your profits.

An agreement that was not lacking in tension

The approval was not without tension, by being executed not only amid fears stemming from previous rejections, but also amid what has been described as an embarrassing event: the hacking of the SEC's social network X account, just a day before the date the announcement was expected about the approval or rejection of ETFs.

The spread of false news about the approval of the derivatives sparked criticism and ridicule against the federal agency and especially against its president, Gary Gensler.

Post from hacked SEC account. Source: SEC – X

There were many fingers pointing at the official, draws attention once again to its contradictions in the regulatory management of the ecosystem, which now even includes the topic of cybersecurity.

There were fears that the hack, immortalized in the Bitcoin network's atomic numbers, would serve as an excuse to delay the decision. However, the SEC finally announced the result of the vote on the scheduled date. with favorable results for ETF applicants. However, it later emerged that the commissioners' positions were close to voting to reject the spot Bitcoin ETFs.

Finally, it is worth highlighting the reactions generated by the approval, seen by the majority as an event that marks a before and after for Bitcoin.

One of the most striking comments It was that of Salvadoran President Nayib Bukele, who took the opportunity to praise his decision to grant BTC legal tender status. The president assured that, judging by the price of the digital currency, his country is ahead of the companies that are now launching their financial products.

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